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MFT Group’s assets remain frozen for another 6 months

The Court of Appeals extended the freeze order on the bank, investment, and insurance accounts of the Maria Francesca Tan (MFT) Group of Companies for another six months.

The freeze, initially imposed in May, covers over 138 accounts linked to MFT Group, its officials, and affiliated companies. The Court rejected MFT’s request to lift the order.

The extension allows the government more time to investigate and file appropriate charges without the risk of these assets disappearing.

The Anti-Money Laundering Act (AMLA) empowers the court to freeze suspicious assets. In this case, the Securities and Exchange Commission (SEC) found probable cause that MFT’s investment scheme was unauthorized and involved misrepresented financial statements.

The SEC investigation revealed that MFT offered guaranteed returns of 12% to 18%, attracting investors with post-dated checks and promissory notes. These practices are considered violations of the Securities Regulation Code.

The corporate watchdog filed criminal charges against MFT and Foundry Ventures, and permanently stopped their illegal solicitation activities.

Milyonaryo | Latest News